Are fha mortgages available to those that are selling a current property and want to purchase a new residence?
Our family grew and our 1 bedroom condo is up for sale. We will be renting it out until someone buys it. We are currently renting a home and would like to purchase it if we qualify for the mortgage. Obviously that would not make me a first time buyer, but was wondering if an FHA mortgage is an option. Thanks
Tags: available, Current, Mortgages, Property, purchase, residence, Selling, Those, Want
FHA is available and used very often by people. You will need to check with a loan officer to see if you are qualified. Use someone local. You may communicate with them still by email or such but you want to be able to walk into their office And “face to face” if needed- Trust that advice.
yes it is. The biggest problem you may have is budgeting for a new purchase if the condo does not have at least 30% equity in it and trying to use a lease to off set the payments
I am a mortgage banker in TN
Sure as long as you qualify.